Snowflake (NYSE:SNOW) Shares Down 1% on Insider Selling

Snowflake Inc. (NYSE:SNOW)’s share price dropped 1% on Tuesday after an insider sold shares in the company. The stock traded as low as $208.14 and last traded at $208.67. Approximately 1,084,831 shares changed hands during trading, a decline of 83% from the average daily volume of 6,324,972 shares. The stock had previously closed at $210.85.

Specifically, Director Michael L. Speiser sold 50,338 shares of Snowflake stock in a transaction dated Friday, June 6th. The stock was sold at an average price of $211.35, for a total value of $10,638,936.30. Following the completion of the transaction, the director now directly owns 37,796 shares of the company’s stock, valued at approximately $7,988,184.60. This trade represents a 57.12% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, Director Michael L. Speiser sold 403 shares of the firm’s stock in a transaction that occurred on Friday, June 6th. The stock was sold at an average price of $211.35, for a total transaction of $85,174.05. Following the sale, the director now directly owns 25,569 shares of the company’s stock, valued at approximately $5,404,008.15. This trade represents a 1.55% decrease in their position. The disclosure for this sale can be found here. In related news, EVP Christian Kleinerman sold 10,000 shares of the stock in a transaction on Monday, June 2nd. The shares were sold at an average price of $205.67, for a total transaction of $2,056,700.00. Following the transaction, the executive vice president now directly owns 570,632 shares of the company’s stock, valued at $117,361,883.44. This represents a 1.72% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website.

Analysts Set New Price Targets

A number of brokerages recently issued reports on SNOW. Barclays reiterated an “overweight” rating and issued a $219.00 target price (up from $203.00) on shares of Snowflake in a report on Thursday, May 22nd. JPMorgan Chase & Co. increased their price target on shares of Snowflake from $210.00 to $225.00 and gave the company an “overweight” rating in a research report on Thursday, May 22nd. HSBC lowered Snowflake from a “hold” rating to a “sell” rating in a research note on Thursday, May 22nd. Daiwa America upgraded Snowflake to a “strong-buy” rating in a research note on Tuesday, April 1st. Finally, Mizuho upped their price target on Snowflake from $215.00 to $235.00 and gave the company an “outperform” rating in a research report on Wednesday, June 4th. Two equities research analysts have rated the stock with a sell rating, seven have issued a hold rating, thirty-two have assigned a buy rating and two have given a strong buy rating to the stock. According to data from MarketBeat.com, Snowflake has an average rating of “Moderate Buy” and a consensus target price of $222.81.

Snowflake Stock Performance

The company has a market capitalization of $69.67 billion, a P/E ratio of -61.56 and a beta of 1.21. The company’s 50 day moving average is $170.50 and its 200-day moving average is $169.72. The company has a current ratio of 1.88, a quick ratio of 1.88 and a debt-to-equity ratio of 0.77.

Snowflake (NYSE:SNOW) last announced its earnings results on Wednesday, May 21st. The company reported $0.24 earnings per share for the quarter, beating analysts’ consensus estimates of $0.22 by $0.02. The business had revenue of $1.04 billion during the quarter, compared to the consensus estimate of $1.01 billion. Snowflake had a negative net margin of 33.02% and a negative return on equity of 24.23%. The business’s revenue for the quarter was up 25.8% on a year-over-year basis. During the same quarter last year, the firm earned $0.14 earnings per share. Equities analysts anticipate that Snowflake Inc. will post -2.36 EPS for the current fiscal year.

Hedge Funds Weigh In On Snowflake

Hedge funds have recently bought and sold shares of the company. Norges Bank bought a new position in shares of Snowflake in the fourth quarter worth approximately $988,950,000. GQG Partners LLC purchased a new position in Snowflake in the 4th quarter worth approximately $750,572,000. Nuveen LLC bought a new position in Snowflake in the 1st quarter valued at approximately $555,847,000. FMR LLC boosted its stake in Snowflake by 84.9% during the 4th quarter. FMR LLC now owns 6,108,123 shares of the company’s stock valued at $943,155,000 after purchasing an additional 2,805,425 shares during the last quarter. Finally, AQR Capital Management LLC increased its holdings in shares of Snowflake by 346.2% in the 1st quarter. AQR Capital Management LLC now owns 3,171,635 shares of the company’s stock worth $456,430,000 after purchasing an additional 2,460,769 shares in the last quarter. Institutional investors own 65.10% of the company’s stock.

Snowflake Company Profile

Snowflake Inc provides a cloud-based data platform for various organizations in the United States and internationally. Its platform offers Data Cloud, which enables customers to consolidate data into a single source of truth to drive meaningful business insights, build data-driven applications, and share data and data products, as well as applies artificial intelligence (AI) for solving business problems.